Should the public sector help finance Silverstein’s WTC towers?

The Port Authority of New York & New Jersey, New York City and developer Larry Silverstein reached a tentative agreement late Wednesday over the construction of two office towers at Ground Zero. Under the deal, the Port Authority, and therefore taxpayers, would agree to help finance one of Mr. Silverstein’s buildings and provide some financing to begin construction of the second. If certain conditions are met, the agency, the city and the state would kick in a total of $390 million as a backstop and $210 million in equity.

9 Responses

Silverstein is a very wealthy, astute businessman. He purchased the WTC towers from the Port. There is no reason why the Port should provide him with financial assistance. Silverstein did what all businessmen do – he took out insurance to cover the buildings. He specifically included a provision that would cover damage to the buildings in the event of a terrorist attack. He received $ 4.55 billion as a result of the provision.

There is no reason why the public should subsidize Silverstein’s new business venture. If it isn’t doesn’t make business sense, then don’t do it. Don’t ask taxpayers to fund your non-profitable business model. Wealthy “welfare queens” like Silverstein do not need more public handouts. They need to fund their own business ventures for a change. Let’s save the public assistance for people who actually need it, like the sick, the unemployed and the homeless.

While I’m not happy with Silverstein’s plan and think it should be abandoned, nothing could be better than getting the Port of Lack of Authority out of the process. Also get all the politicians out of the process, including His Dishonor, the Mayor, the Governors of NY and NJ and any other bureaucrat involved.

The bigger story is that this is a debacle. All around the world larger towers are being built. We still have a hold in the ground. And we will suffer from a conglomeration of crumby buildings.

Stop this stupid plan now. Rebuild the twin towers, rebuild the WTC as it was, not as Silverstein and his ilk conceive it.

It would be adding insult to insult, to insult, to insult… to injury(!), to expect people blatantly and deliberately obliterated out of the decision-making concerning the WTC site, to now fund a hideous plan which foundations are arrogance, animosity and avarice.

Now… why not do a poll on how many people out there will fund new Twin Towers and a beautiful, uplifting memorial!

if they are going to spend 390million dollars on anything it should be to help the first responders of 911,, not just the police but to all the volunteers, Like myself who are never going to be the same after that event,,,,,,,,,NEW YORK CITY needs more parking

Isn’t Silverstein the man who leased the WTC just months before the attacks, insured them against terrorist attacks, got paid billions for ”two towers-two events” and commented on camera that ”they decided to pull it” (WTC 7 that is, the third steel building that magically collapsed on 9/11). If I were Sherlock Holmes he would be the last to receive a penny, he would be one of my suspects (follow the money trail).

i WOULDN’T GIVE ANY OF THEM A DIME. THIS IS ANOTHER POLITICAL MESS, THEY ARE WASTING MONEY AND TIME. THEY ONLY CARE ABOUT THEIR OWN EGO…!FROM DAY ONE, THE PRIORITY SHOULD HAVE BEEN A MEMORIAL AND NOW, EVEN THAT IS AN INSULT TO THE MURDERED VICTIMS. THEY ARE DISTORTING HISTORY, NOT GIVING THE VICTIMS THEIR RIGHTFUL PLACE IN HISTORY AND EMERGENCY RESPONDERS ARE DENIED THEIR RANK….THE WHOLE THING IS A DISGRACE.